Bitcoin’s prevailing bullish trend has recently created headlines as it surged past the crucial $50k mark for the first time in two years. Markus Thielen, founder of 10X Research, forecasted a 32% surge in Bitcoin price in 60 days ahead of the upcoming halving.
Thielen’s forecast is further bolstered by the historical trends of the past three halving cycles. For instance, before and after 2012’s Bitcoin halving, the market saw a staggering surge of 30,000%. Bitcoin’s price went up by almost 800% in 2016’s halving and by 700% in 2020’s halving. Thielen reflected on the trend, saying, “This time will be no different as the perception within the crypto community is high that the halving is bullish.”
Henry Robinson, Co-Founder of Decimal Digital Currency, echoed bullish perspectives on Bitcoin but cautioned against the potential volatility. He asserted,
Sentiments are bullish, especially in the long term, but the psychology around such a significant event can create major volatility. We may see exuberant bullish action, dramatic sell-offs, or both, before and after the halving as market participants roll into and out of their halving bets.
Another prominent factor impacting Bitcoin’s strong bullish sentiment is the surging Bitcoin ETF inflow. According to ETF analyst Eric Balchunas’ X post, Bitcoin ETFs have marked a staggering inflow of $2.2 billion in one week. BlackRock’s IBIT has secured the highest position in net inflows, surpassing $1.6 billion over the past week.
Currently, Bitcoin is trading at a price of $52,288, with a moderate increase of 1.18% in one day. However, over the past 7 days, Bitcoin has shown a notable increase of 8.55%. In one month, Bitcoin has surged by over 27.5%. Boasting an astounding market cap of $1,027,116,696,282, Bitcoin has secured its top position on CoinMarketCap.
